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SGBL profits rise 18 percent in 2013

  • File - The SGBL bank in Beirut, Thursday, Sept. 12, 2013. (The Daily Star/Mahmoud Kheir)

BEIRUT: The net profits of Societe Generale de Banque au Liban in 2013 rose by 18 percent to $137 million compared to 2012, the bank said in a statement Monday.

The bank’s total assets reached $13 billion as of the end of the year, while deposits reached $10.16 billion, registering respectively a growth of 15 percent and 13 percent.

“As for the bank’s equity, it has jumped by 43 percent over the year, further to the consecutive increases of the bank’s capital operated during 2013, allowing the banks’ equity to pass the billion-dollar mark and reach $1.022 billion,” the statement said.

It added that the bank’s Basel III capital adequacy ratio reached a level of 11.18 percent at the end of the year, versus a 10.5 percent regulatory requirement by the Central Bank at the end of 2013.

The bank added that the satisfactory results stemmed from an overall good performance of the commercial business lines and of its affiliates, particularly the bank in Jordan, SGBJ, and the life insurance company, Sogecap Liban.

SGBL in 2012 acquired the assets of the defunct Lebanese-Canadian Bank, which was accused by the United States of involvement in money laundering and terrorist funding.

 
A version of this article appeared in the print edition of The Daily Star on February 04, 2014, on page 5.
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